Читать книгу Small Business for Dummies - Veechi Curtis - Страница 25

No business is an island but, rather, functions as an organic part of the world around it. Imagine owning a fantastic, go-ahead cafe in the Pilbara region of Western Australia. However cleverly managed, this café is at the mercy of whether local mines expand or shut down, whether the economy is booming or in recession and, further still, world commodity prices. Be aware of the following economic influences:

  Industry-specific events: Be alert for changes in your industry that may affect the viability of your business, such as additional licensing requirements, new government regulations or major shifts in available technology. For example, with the changes in financial planning regulations, many accountants are now restricted in the types of advice they can supply to clients.

 Tax or government policy reform: Many a good business has been sent to the dogs because of tax reform. Think of a political football such as the solar industry, which has been subject to major government funding changes every year or so for the last 15 years in Australia. Keep your ear to the ground and listen out for these changes within your industry network and via the media, before they happen.

 Interest rates and currency exchange: Some businesses are more affected by interest rate and currency exchange fluctuations than others. Importing, exporting, construction and real estate are just some of the businesses that can be affected, as well as any business with large borrowings. If you’re likely to be affected by interest rate or currency exchange fluctuations, look carefully at economic indicators and plan accordingly.

 Recessions: Even the most successful business can sometimes have a bad year, or a couple of bad years, especially in times of recession. Such businesses rely on profits built up over previous years to see them through. However, if you start a new business in the middle of a recession, ask yourself whether you’re going to be able to finance it until the good times arrive.

Stay abreast of current economic trends and how they may affect your business plan.